IPSAS International Public Sector Accounting Standards

IPSAS is being introduced in almost every country in the world. IFRS having replaced IAS is now becoming the world standard, but in many ways was not specific enough to the needs of the Public Sector. The United Nations and World Bank coming to this realisation have favoured IPSAS which is a modified form of IFRS tailored to the Public Sector.
The challenges of implementation are varied and complex. However, the risks associated with non-compliance are very real.

This course will help our clients to assist not only in meeting the challenges of introducing IPSAS, but also to secure the benefits of improved financial management to help secure organisational objectives and goals of each public service organisation.

Donor organisations, foreign Governments, aid agencies, free trade associations, banks and financial institutions increasingly require projects to be applied and accounted for to modern standards, either GAAP,IAS and IFRS including IPSAS. This enables multi-national organisations to make comparisons between projects wherever in the world they happen, irrespective of jurisdiction, culture, language and ethnicity. IPSAS is becoming and will become the World standard for Public Sector entities.

We have developed this course starting with an introduction and then implementation of IPSAS. This allows clients to structure the move to IPSAS within its appropriate Framework. It is an approach that enables implementation to be done in a structured and well-managed way.

In the course we will consider the main requirements of IPSAS and, by showing how they affect financial reports and published accounts, will help you to apply IPSAS. The course will assist both finance managers and general managers whose organisations and departments will be affected by IPSAS.

The approach taken is one of imparting key knowledge on IPSAS but also one of encouraging and enabling each delegate to build up their own personal and organisational development plans as they go through the course.
The course will compare IFRS against IPSAS so you can see the main differences.

By looking in detail at each of the Standards, we will show you resource allocation mechanisms, the key elements of financial reporting and the processes of bidding and accounting for aid projects.

The consequences for managing the finances of public organisations will be examined, together with potential unintended consequences.

How to implement IPSAS effectively and economically, is probably the most important aspect. The approach will be to understand the advantages to the organisation from IPSAS implementation and how benefits realisation can be ensured both internally and for stakeholders.

The course will deal on practical issues for public sector organisations, including strategic management and the medium term financial planning framework.

Who is the programme for?

There are no pre-requisites to undertake the programme.

Designed for finance professionals in the public sector the course will benefit anyone who requires an understanding of international financial reporting standards within the public sector.

In particular it is suitable for:

• Accountants and finance staff at all levels involved in the preparation of financial statements
• IFRS and IPSAS implementation and maintenance teams
• Internal auditors and consultants dealing with financial reporting

What you will learn

• Background to IPSAS
• The Technical Bases
• Links and implications to and for broader strategies: Financial Management, Taxation, Asset Management,
Governance and accountability
• The Standards
• Financial reporting
• Satisfying donor & stakeholder requirements
• Implications for Internal and External Audit
• Impact on financial processes and systems
• Implementation
• Delegates will leave with a detailed understanding of the accounting requirements of IPSAS
• How to formulate a documented action plan
• How to manage substantial financial resources
• How to develop skills to aid implementation, capacity development, benefits realisation and risk
management plans
• How to provide wider training and how to contribute to the strategic consequences of IPSAS
• How to implement
• How to reduce risk of qualified accounts

What are the benefits

• Unique learning and assessment programme tailored for the public sector.
• High quality and practical programme developed by public sector financial reporting experts.
• Learning that will help guide your organisation throughout the transition and embedding period.
• Supports both direct IPSASs adoption and implementation of IFRSs modified for the public sector.
• Achieve a shared level of understanding of the standards across your organisation.